About 11 percent of Lansing’s population is 65 or over, a number that is trending upward, according to the census. Many who are part of this group are retired and living off fixed incomes. A reverse mortgage can help supplement finances. Our partners at ConsumerAffairs reviewed the best reverse mortgage lenders in Lansing for you to assess your options.
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How to choose a reverse mortgage lender in Lansing
A reverse mortgage in Lansing allows senior homeowners to use the equity in their home to receive payments from a lender as long as they live in the home and continue to pay taxes and carry out basic responsibilities. The loan is generally not repaid until the homeowner dies, moves out or sells.
Current market conditions are favorable for reverse mortgages in the U.S. and within Lansing. Across the country, home equities are rising. Locally, Michigan homeowners are seeing the values of their homes go up. In Lansing, where seniors live in a variety of different neighborhoods, the housing market is rated as “slightly hot” by realtor.com. Zillow says home values in the area have increased by over 14 percent over the past year.
In Lansing, the funds from a reverse mortgage can usually be obtained in a variety of ways (monthly, lump sum, etc.) and can be used for any purpose. You might consider a reverse mortgage to supplement retirement income, to purchase another home or to help pay monthly bills, among a host of other reasons.
Most reverse mortgages in the U.S. are financed by the federal government and are known as home equity conversion mortgages (HECMs). To qualify for an HECM, a borrower must:
Be 62 or older
Own the property or have paid down a considerable amount
Occupy the home as a main residence
Not be delinquent on any federal debt
Be able to afford timely payment of ongoing property charges such as property taxes, insurance, etc.
Participate in a consumer information session with an approved HECM counselor
There are other types of reverse mortgages as well.
Single-purpose reverse mortgage
Least expensive option, but not available everywhere; can only be used for one purpose; many homeowners with low-to-moderate incomes can qualify
Proprietary reverse mortgage
Private loans backed by companies; may allow larger advances for higher-valued homes
Home Equity Conversion Mortgage
The most common type of reverse mortgage; insured by the federal government, and the funds can be used for any purpose
Before choosing a reverse mortgage in Lansing, make sure you can use the funds for your desired purpose. Be certain to read and understand terms and fees. And be wary of scams; as reverse mortgages have become more popular, fraud is on the rise.
This award-winning company prides itself on a 97 percent customer satisfaction rating from in-house surveys. American Advisors Group offers HECMs and an expert staff to assist with the process every step of the way. Customers say that although sometimes the process takes longer than they had hoped, it works out in the end and is well worth the wait.
This top-ranking reverse mortgage lender makes it a priority to earn and keep your trust. Finance of America Reverse has plenty to offer: lump sum, tenure payment and line of credit options; an average closing time of 30 days; and award-winning customer service. According to customers in Lansing, if you’re unsure of what something means, the team at FAR will go out of their way to explain it to you.
As one of the country’s largest reverse mortgage providers, Liberty Home Equity Solutions has worked with more than 50,000 seniors since 2003, and all of that experience has led to their reputation as industry experts. Offering HECMs and a promise to match or beat all competitors, this lender is an industry favorite. Customers say they love the responsiveness and personal attention provided by Liberty Home Equity Solutions representatives.
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Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.